Accel-backed SaaS startup OSlash to close shop by month end

economictimes.indiatimes.com:

OSlash, which last raised $5 million from the likes of Cred founder Kunal Shah and Notion founder Akshay Kothari, on Wednesday said it will wind up operations by the end of this month.

Shutting down OSlash will allow the company to return capital to investors “with dignity and humility. More importantly, we will channel lessons learned into our next adventure,” it said in a blog post, without sharing specific details.

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The Bengaluru- and San Francisco-based startup offers plug and play artificial intelligence-based copilots for software, teams and individuals to improve productivity at the workplace.

Founded in 2020, OSlash is backed by Accel Partners and others, who invested about $2.5 million in September 2021.

The company had started out with OSlash shortcuts, which failed to find any commercial success, the blog post said. However, “on popular demand, we augmented the product with a text expander—OSlash snippets—that helped users automate repetitive typing,” it added.

“While the problem we tackled remains pressing, we failed to reach product-market fit even after a couple of pivots and build a sustainable business model. Though disheartening, we accept this outcome with grace,” the company said in the blogpost.

The three-year-old startup added that it will stop accepting new OSlash registrations effective immediately. But for existing users, it will release an open source extension, from where they can download and export